Sharps Technology (NASDAQ:STSS) to Repurchase $100.00 million in Shares

Key Points

• Sharps Technology's Board of Directors has approved a share buyback plan worth $100 million, allowing the company to repurchase up to 55.5% of its stock.
• The company's stock traded down 0.4% to $6.75, with a significant trading volume of over 7 million shares during the session.
• Recent insider transactions included Director Robert Michael Hayes purchasing 100,000 shares at $6.41 per share, indicating strong confidence from management in the company's valuation.

Sharps Technology (NASDAQ:STSS - Get Free Report) announced that its Board of Directors has approved a share buyback plan on Thursday, October 2nd, RTT News reports. The company plans to buyback $100.00 million in shares. This buyback authorization allows the company to reacquire up to 55.5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its stock is undervalued.

Sharps Technology Trading Down 0.4%

Shares of NASDAQ:STSS traded down $0.03 during midday trading on Thursday, reaching $6.75. The company had a trading volume of 7,029,109 shares, compared to its average volume of 724,674. The company's 50 day moving average price is $7.74 and its 200 day moving average price is $9.91. The stock has a market cap of $179.55 million, a P/E ratio of -0.01 and a beta of 2.17. Sharps Technology has a 52-week low of $3.36 and a 52-week high of $1,248.27.

Sharps Technology (NASDAQ:STSS - Get Free Report) last announced its quarterly earnings results on Wednesday, August 13th. The company reported $3.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.94) by $4.52. The firm had revenue of $0.22 million during the quarter, compared to analysts' expectations of $0.25 million.

Insider Buying and Selling at Sharps Technology

In other news, Director Robert Michael Hayes purchased 100,000 shares of the business's stock in a transaction on Friday, August 22nd. The stock was acquired at an average cost of $6.41 per share, for a total transaction of $641,000.00. Following the purchase, the director directly owned 100,000 shares in the company, valued at $641,000. This trade represents a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Andrew R. Crescenzo acquired 40,000 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The shares were bought at an average price of $6.41 per share, with a total value of $256,400.00. Following the completion of the purchase, the chief financial officer owned 40,000 shares in the company, valued at $256,400. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have bought 720,005 shares of company stock valued at $4,615,300. Company insiders own 1.22% of the company's stock.

Sharps Technology Company Profile

Sharps Technology, Inc, a medical device company, researches, designs, develops, manufactures, distributes, and sells safety syringe products in the United States. It offers Sharps Provensa, an ultra-low waste space syringe for the administration of various vaccines and injectable medications. Sharps Technology, Inc was incorporated in 2017 and is based in Melville, New York.

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